“郑州方案”：全球定价新范式的崛起

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has successfully positioned itself as a key player in the internationalization of China's futures market, utilizing the "Zhengzhou Plan" to enhance the global pricing influence of Chinese commodities, particularly in the PTA and oilseed sectors [2][4][6]. Group 1: Market Positioning and Strategy - ZCE's strategic choice to prioritize PTA and oilseed futures for internationalization is based on China's dominant role in the global industrial chain [3][4]. - China is the largest producer and consumer of PTA and plays a significant role in the global vegetable oil market, providing a solid foundation for the authority and international influence of futures prices [4][5]. Group 2: Institutional Innovations - The "Zhengzhou Plan" has introduced a market-oriented approach to open up the futures market, including optimizing delivery rules and enhancing services for foreign enterprises [4][5]. - Specific measures include the inclusion of imported rapeseed meal in the delivery category and the introduction of new contracts to meet the risk management needs of importers [5][6]. Group 3: Global Trade and Economic Impact - The expansion of "Zhengzhou prices" in trade with RCEP and Belt and Road Initiative countries signifies a growing internationalization of China's futures market, reflecting a shift in global economic dynamics [6][7]. - The ZCE's efforts align with national strategies to enhance pricing influence in international commodity markets, leveraging domestic and international resources [6][8]. Group 4: Challenges and Future Directions - The internationalization of the Zhengzhou futures market faces challenges such as regulatory discrepancies and exchange rate fluctuations [7]. - A differentiated opening strategy is proposed to address these challenges, focusing on prioritizing competitive products and varying access standards for different types of foreign traders [7][8].